Merritronix IPO

The Merritronix SME IPO runs from 1 Jun 2026 to 3 Jun 2026, offered at a price band of ₹141–149 per share, and is set to list on BSE. The company is looking to raise ₹66.51 crore through the offer. Retail investors bid in lots of 1000 shares, a minimum application of ₹2,98,000.

Issue structure

The IPO is structured entirely as a fresh issue of ₹66.51 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements (₹21.95 crore), alongside capital expenditure towards purchase of machinery and equipment (₹21.36 crore). In all, 5 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Merritronix reported revenue of ₹156.25 crore and a net profit of ₹16.1 crore. Revenue grew from ₹86.01 crore in FY2024 to ₹156.25 crore in FY2026 (+82.0%). Net worth stood at ₹52.52 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 16.18× post-issue earnings and 3.59× book value, against a return on net worth of 30.66% and a debt-to-equity ratio of 0.81. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are Dovari Yesudas, Dovari Amarnath, Vanaja D, Darsy Kethan Chandra and Dovari Thaman. Promoter holding stands at 85.17% before the issue and comes down to 62.28% after listing.

Subscription

The Merritronix IPO was subscribed 315.36 times overall. The strongest demand came from non-institutional investors (NII) at 476.59 times, with qualified institutional buyers (QIB) at 224.91× and retail investors at 297.67×.

Listing performance

Merritronix listed on 8 Jun 2026 at ₹283.1, a premium of +90.0% over the issue price of ₹149.

What to weigh

When evaluating the Merritronix IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and subscription demand across investor categories. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Merritronix

Merritronix Limited operates as an Electronics Systems Design and Manufacturing (ESDM) company focused on producing high-reliability and mission-critical electronic assemblies for sectors such as defence, aerospace, telecommunications, and industrial electronics. The company provides end-to-end B2B manufacturing solutions that include component procurement, PCB assembly, system integration, testing, box-build assembly, and delivery of fully assembled electronic products compliant with Indian defence and aerospace quality requirements. As of December 31, 2025, Merritronix’s manufacturing facility had an annual installed production capacity of: 7,65,000 boards for Surface Mount Technology (SMT) assembly 6,00,000 boards for Through-Hole Technology (THT) assembly 4,20,000 units for product assembly and box-build operations This results in a combined installed capacity of 17,85,000 production units per annum. The company has obtained EN 9100:2018 certification for manufacturing PCBAs for aerospace and defence applications. This certification is aligned with AS 9100D and JISQ 9100:2016 standards and also incorporates ISO 9001:2015 quality standards. Key Competitive Advantages More than three decades of experience in mission-critical defence and aerospace electronics Proven execution track record in specialised defence and aerospace programs Expertise in obsolescence management and lifecycle support solutions Advanced SMT infrastructure with IPC-A-610 Class 3 assembly capability Healthy order book ensuring strong revenue visibility Experienced promoters and senior leadership team